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Bankrupcy Tips – Notice To The Creditors And Meeting – Part #3

After filing your petition for bankruptcy under Chapter 7, paying the necessary fees, and complying with the legal requirements, an automatic stay is granted to you by operation of law. This stay will effectively stop most collection actions against you and your properties (11 U.S.C. 362). This means that as long as the stay is in effect, creditors cannot initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments.

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